Canada’s Student Direct Stream (SDS) program requires students from certain countries to deposit a Guaranteed Investment Certificate (GIC) as proof of financial ability. While this is not a loan, students can use a portion of their education loan to fund the GIC if their loan terms allow it. This helps meet the visa requirements efficiently and strengthens the study permit application. Understanding the connection between education loans and visa requirements is crucial for a successful study abroad journey.
Scholarships and part-time jobs can complement education loans. Many Canadian institutions offer merit-based or need-based scholarships, which can significantly reduce the loan amount needed. International students are also allowed to work up to 20 hours per week during semesters and full-time during breaks, which helps in managing day-to-day expenses. Balancing work and study can be challenging, but it reduces financial stress and enhances time management skills.